Kwakol Markets Review 2023

Kwakol Markets is #13 in our broker rankings.
Flag Traders in United States welcome

Kwakol offers trading on the MT4 & MT5 platforms with high leverage & copy trading.


  • Demo account
  • Copy trading
  • MT4 integration
  • Full range of investments
  • Best Broker Africa 2022 - UF Awards
  • Most Trusted Broker Nigeria 2022 - UF Awards
  • Best Emerging Broker 2022 - - UF Awards
InstrumentsCFDs, Stocks, Indices, Commodities, Forex, Cryptos
Demo AccountYes
Min. Deposit$1
Payment Methods
Min. Trade0.01 Lots
MetaTrader 4Yes
MetaTrader 5Yes
Trading CentralNo
STP AccountYes
ECN AccountYes
DMA AccountNo
MAM AccountNo
PAMM AccountNo
LAMM AccountNo
Demat AccountNo
Mobile AppsiOS & Android
Margin TradingYes
Volatility IndexNo
Spot TradingNo
Perpetual SwapsNo
AI / Machine LearningNo
Robo AdvisorNo
P2P TradingNo
Negative Balance ProtectionYes
VPS HostingNo
Demo CompetitionsNo
Managed AccountsNo
Market MakerNo
Auto TradingEAs
Social TradingNo
Copy TradingYes
Islamic AccountYes
Account Currencies
  • USD
Inactivity Fee$10
Guaranteed Stop LossNo
Stock Exchanges
  • Dow Jones
  • Nasdaq
  • S&P 500
  • Copper
  • Gold
  • Natural Gas
  • Oil
  • Palladium
  • Platinum
  • Silver
CFD TradingTrade CFDs with high leverage and spreads from 0.0 pips on premium accounts.
CFD FTSE SpreadFrom 0.8 pips (Standard Account)
CFD GBPUSD SpreadFrom 0.8 pips (Standard Account)
CFD Oil SpreadFrom 0.8 pips (Standard Account)
CFD Stocks SpreadFrom 0.8 pips (Standard Account)
CFD Leverage1:1000
Forex TradingTrade forex with ECN executions and tight spreads.
Forex GBPUSD SpreadFrom 0.8 pips (Standard Account)
Forex EURUSD SpreadFrom 0.8 pips (Standard Account)
Forex EURGBP SpreadFrom 0.8 pips (Standard Account)
Forex Assets100
Crypto TradingTrade cryptos against fiat currencies, other cryptocurrencies and metals like gold.
Crypto SpreadFrom 0.8 pips (Standard Account)
Crypto LendingNo
Crypto StakingNo
Crypto MiningNo
Crypto Auto Market MakerNo
Crypto Coins
  • BCH
  • BNB
  • BTC
  • ETH
  • LTC
  • XRP
Risk Warning – Your capital is at risk

Kwakol Markets is a multi-asset broker that operates using the MT4 and MT5 platforms, giving traders a range of analysis tools. 1000+ assets are available with up to 1:500 leverage and ECN connectivity. This review will go over what Kwakol Markets offers, the pros and cons of using the platform, and give a verdict of whether or not it is worthwhile for traders.

Company Details

Kwakol Markets Limited is a Nigeria-based brokerage that offers a variety of asset classes on the MetaTrader platforms, including forex, stocks, commodities, indices, and cryptocurrencies.

The brand provides competitive trading conditions, with spreads as low as 0.0, ultra-fast executions, and micro-lot trading. New users can get started with a $250 minimum deposit and a free demo account and copy trading service are available for beginners.

Kwakol Markets is an authorized finance company by the Australian Securities and Investments Commission (ASIC) and has a Foreign Exchange Dealer License from FINTRAC Money Services Canada.

Platforms & Tools

MT4 & MT5

Kwakol offers MetaTrader 4 and MetaTrader 5 so that traders of all experience levels can use the broker.

MT4 and MT5 are the most popular retail trading platforms, with instant and pending orders, one-click trading, multiple indicators and drawing tools, plus support for automated trading through Expert Advisors (EAs). There are also in-built stop orders and fully-functioning demo accounts so that traders can try the terminals before depositing funds.

MetaTrader 5 is the better option for advanced traders with more indicators, technical overlays, and timeframes, plus a market depth feature and an economic calendar.

Kwakol Markets platform
MetaTrader 4

How To Place A Trade

Clients can open a trade on the MetaTrader terminals in a few steps:

  1. Log in to the MT4 or MT5 platform
  2. Click on ‘Tools’ in the top menu
  3. Select ‘New order’
  4. In the pop out display, select the asset you wish to trade on
  5. Choose between instant and pending order
  6. Enter the order volume
  7. Input any risk management alerts
  8. Confirm the trade

Web Trader

Kwakol Markets also offer a Web Trader platform so that investors can access the same trading conditions and functionality without downloading an external platform.

The browser-based terminal can be opened directly through the broker’s official website.


Acuity is also supported by Kwakol Markets and can be used to analyze pieces of news that may affect the market. The data is displayed in multiple forms, not just price-related data, such as news sentiment or ‘shock’ ratings per asset, real-time newsletters, and client offerings that help to reveal the truth behind strategies.

This tool is free to use when downloaded with Kwakola Markets and MT4 and is ideal for investors looking to trade on the news.

Kwakol trading tools


Autochartist is an analysis tool for charts that helps traders to predict the way that the market is going to move. It allows to traders to recieve price alerts and watch several assets at any given time.

Autochartist can be used when MT4 or MT5 is downloaded from Kwakol, whereby the Autochartist plug-in can be installed and used.

Kwakol Invest

While using Kwakol Markets, we uncovered their copy trading service. This lets users connect with other traders and follow their strategies and trade setups.

Clients keep control over their capital and only pay a fee to the master trader when they generate profits. A leaderboard with traders’ returns, number of followers and other metrics helps users find the right trader for their goals.

Kwakol Markets copy trading service
Kwakol Invest

Assets & Markets

Kwakol offers more than 1000 instruments:

Fees & Charges

When we used Kawol Markets, we found spreads vary depending on the live account. The minimum spread on the Standard account is 0.8 pips. The minimum spread on the Islamic account is 1.6 pips. The Pro and Gold accounts offer spreads from 0.01 pips. The Platinum, Premium, VIP and Diamond accounts offer spreads from 0.0 pips.

Kwakol Markets also charges low to zero commissions.

There is a $10 inactivity fee after six months.

Payment Methods

Deposits are processed on the same working day, and this can be done by major credit or debit cards with a maximum deposit amount of $600 per transaction.

All deposits made by a particular card can only have up to the same amount withdrawn onto the same card. However, if you deposit funds using crypto then there is no limit to how much you can place onto your account.

There is no charge for making a deposit of up to $5,000.

Kwakol Markets processes withdrawals within the same business day, and this can be requested directly from your trading account.

Profits made from trading can either be withdrawn via bank wire transfer or by Bitcoin. The opportunity to withdraw money via crypto is a benefit, and this can also be processed on the same day with all transactions trackable via

For withdrawals, there is no charge for anything below $5,000. Upwards of this amount, a fee of $25 will be charged to the trader.

Account Types

Kwakol Markets offers multiple accounts, all offering their own set of features and conditions:

Cent Account

Standard Account

No-Swap (Islamic Account)

Pro Account

Gold Account

Platinum Account

Diamond Account

Premium Account

VIP Account

Demo Account

Kwakol Markets offers a demo account with virtual funds that traders can use for free. This means users can try the broker’s services without using any of their own funds and taking any risks.

The demo account for Kwakol Markets requires a brief registration form but no bank details. Clients can sign up on the official website.

Kwakol Academy

Our experts found that the broker also offers trading courses, free classes and eBooks. Content is primarily aimed at beginners, covering how to speculate on the forex market, potential strategies, and setting up a trading business from home.

Some educational content is free. Traders simply need to enter their personal details on the Kwakol Markets website to get started.

Kwakol Academy E-Book

Regulation & Licensing

Kwakol Markets is a Corporate Authorized Representative of HLK GROUP PTY LTD, which holds a Financial Services Licence from the Australian Securities and Investments Commission (ASIC).

In addition, the brokerage has a Foreign Exchange Dealer License from FINTRAC Money Services Canada, (registration number M22600427).

The group also holds an MSB (Money Services Business) license issued by the US Financial System and a National Futures Association (NFA) license.

Pros Of Kwakol Markets

Cons Of Kwakol Markets

Customer Service

Kwakol Markets offers three points of contact for customer service which can be reached via:

However, there is no specification on the opening hours of the customer support line, so there is no guarantee that you will receive instant support.

Security & Safety

In terms of safety and security, there is little certainty with Kwakol Markets. Aside from segregated client accounts, there is limited information online about Kwakol Markets, and the brand does not go into much detail about how they keep trader funds safe.

However, it is worth noting that some of the poor reputation that Kwakol Markets received in user reviews was before they became regulated. Their regulatory licenses give them more credibility as a broker.

Kwakol Markets Verdict

Kwakol Markets offers 1000+ assets, award-winning platforms, and high leverage. A free demo account and copy trading service also make the broker a good fit for beginners.

Overall though, there remain better alternatives to Kwakol Markets, offering a wider range of assets and more in-depth educational materials. Negative historical reviews also cause concern.

Accepted Countries

Kwakol Markets accepts traders from Australia, Thailand, Canada, United States, United Kingdom, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar and most other countries.

Compare Kwakol Markets

Compare Kwakol Markets with similar brokers that accept traders from your location. Among available brokers these are the most similar to Kwakol Markets:

  1. – boast a global reputation. Regulated in the UK, EU, US and Canada they offer a huge range of markets, not just forex, and offer tight spreads on a cutting edge platform.
  2. IG Group – IG-US offer spread betting, CFD and Forex trading across a range of markets. They are FCA regulated, boast a great trading app and have over 47 year track record of excellence.
  3. Binarium – Binarium is an unregulated, global binary options broker with a range of financial markets, account types and base currencies on offer.
  4. World Forex – World Forex offers commission-free trading with a $1 minimum deposit and 1:1000 leverage. Digital contracts are also available, offering beginners a straightforward way to speculate on popular financial markets.

Kwakol Markets Comparison Table

Compare Kwakol Markets With Similar Brokers
Kwakol Markets IG Group Binarium World Forex
Rating 2.4 4.5 4.4 4
Markets CFDs, Stocks, Indices, Commodities, Forex, Cryptos Forex, Stocks, Commodities, Crypto Forex, ETFs, CFDs, indices, shares, commodities, cryptocurrencies, options, futures, spread betting Forex, Stocks, Crypto Forex, CFD Stocks, Metals, Energies, Cryptos, Digital Contracts
Demo Account Yes Yes Yes Yes Yes
Minimum Deposit $1 $100 £250 $5 $1
Minimum Trade 0.01 Lots $1 0.1 lots $1 0.01 Lots
Bonus No 100% Deposit Bonus
Education No Yes Yes No No
Platforms MT4, MT5 MT4 MT4 MT4, MT5
Leverage 1:1000 1:200 1:30 1:1000
Payment Methods 4 8 6 10 10
Review Kwakol Markets
IG Group
World Forex

Compare Trading Instruments

Compare the markets and instruments offered by Kwakol Markets and its competitors. Please note, some markets may only be available via CFDs or other derivatives.

Compare Kwakol Markets Trading Instruments
Kwakol Markets IG Group Binarium World Forex
CFD Yes Yes Yes No Yes
Forex Yes Yes Yes Yes Yes
Stocks Yes Yes Yes Yes Yes
Commodities Yes Yes Yes No Yes
Oil Yes Yes Yes No Yes
Gold Yes Yes Yes No Yes
Copper Yes No Yes No No
Silver Yes Yes Yes No Yes
Corn No No No No No
Crypto Yes Yes Yes Yes Yes
Futures No Yes Yes No No
Options No Yes Yes No No
ETFs No No Yes No No
Bonds No No Yes No No
Warrants No No No No No
Spreadbetting No No Yes No No
Volatility Index No No Yes No No

Kwakol Markets vs Other Brokers

Compare Kwakol Markets with any other broker by selecting the other broker below.

Kwakol Markets vs


What Trading Platform Does Kwakol Markets Use?

Kwakol Markets offers MetaTrader 4 and MetaTrader 5, available on desktop and mobile. A web trader terminal is also available directly through the broker’s website.

What Assets Are Available On Kwakol Markets?

Kwakol Markets offers CFDs, stocks, commodities, indices, cryptos, and forex trading. In total, over 1000 instruments are available with leverage up to 1:500.

What Are The Fees For Kwakol Markets?

Kwakol Markets charges a floating spread from 0.8 pips on the Standard account. Users that qualify for higher account tiers benefit from tighter spreads that start at 0.0 pips.

There is also a $25 fee for withdrawals over $5000.

What Payment Methods Are Available At Kwakol Markets?

Kwakol Markets accepts debit and credit cards, bank wire transfers, and cryptos for deposits and withdrawals. Payments are processed the same working day.

Is Kwakol Markets Regulated?

Kwakol Markets is regulated by the Australian Securities and Investments Commission (ASIC). The group also holds licenses with the INTRAC Money Services of Canada and the US National Futures Association (NFA).

Kwakol offers trading on the MT4 & MT5 platforms with high leverage & copy trading.